Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Mega Screens, Incorporated, reports net sales of $2,500,000, cost of goods sold of $1,300,000, and income tax expense of $136,000 for the year ended
Mega Screens, Incorporated, reports net sales of $2,500,000, cost of goods sold of $1,300,000, and income tax expense of $136,000 for the year ended December 31, 2024. Selected balance sheet accounts are as follows: MEGA SCREENS, INCORPORATED Selected Balance Sheet Data December 31 Increase (I) or 20241 2023 Decrease (D). Cash $143,000 $181,000 $38,000 (D) Accounts receivable 271,000 Inventory 118,000 223,000 151,000 48,000 (1) 33,000 (D) Accounts payable 113,000 123,000 10,000 (D) Income tax payable 18,000 14,600 3,400 (I) Required: Calculate cash received from customers, cash paid to suppliers, and cash paid for income taxes. Cash received from customers Cash paid to suppliers Cash paid for income taxes The income statement for Amaryllis reports net sales of $91,658 million and cost of goods sold of $69,178 million. An examination of balance sheet amounts indicates accounts receivable increased $1,723 million, inventory increased $873 million, and accounts payable to suppliers decreased $1,957 million. Required: Using the direct method, calculate (1) cash received from customers and (2) cash paid to suppliers. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions (i.e., $10,110,000 should be entered as 10.11).) Net sales Cash Received from Customers: Cash received from customers 3 Cash Paid to Suppliers: Cost of goods sold Purchases Cash paid to suppliers
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started